The poultry health market is set to see growth at an impressive CAGR (Compound Annual Growth Rate) of 7.6% between 2017 and 2025, owing to increasing levels of awareness regarding poultry diseases, owing to a recent study by Transparency Market Research. This will pull up the market share to a hefty USD 11 bn by the end of the forecast period; it is a steep rise from USD 5.7 bn in 2016.
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Global Poultry Health Market’s Competitive Landscape to be Consolidated over the Forecast Period
The market is slightly consolidated and highly competitive. Players are focusing their energy on figuring the optimum marketing strategy. Besides, to maintain an edge over competitors in the market, players invest substantially in research and development. It helps players adapt to changing needs and stay at the vanguard of their innovation game. Prominent players in the market landscape are Bayer Animal Healthcare, Boehringer Ingelheim, Ceva Animal Health Inc., Elanco Animal Health, Merck, Merial (Animal Division Of Sanofi), Virbac, Zoetis Animal Healthcare, among others. Mergers and acquisitions also play a critical role in the global poultry health market landscape.
In June 2018, Bayer acquired Monsanto and in the May of the same year, Boehringer Ingelhein, pumped in more investment in China through its Asia Veterinary Research and Development Center (Research and Development). The aim of expanding it is to ensure better research and development in the market.
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North America to Hold the Lion’s Share of the Market Growth over the Forecast Period
Owing to a large consumption of mean and a shift towards white meat from red meat, North America will hold a large chunk of the market share, revenue wise. Besides, as more people move towards an active lifestyle in the region, after a long duration if rising incidence of obesity, there is demand for protein rich food, leading to demand for eggs and meat. Technological advancements in the field, owing to a number of prominent players existing in the region are also leading to growth in the region.
One of the other regions that will chart significant growth is the Asia Pacific (APAC) where a number of governments are participating in improving health of poultry animals owing to pressure from animal welfare organization and the endeavor to promote sustainable development of livestock. For, instance, National Livestock Mission program in India is a perfect case in point. This is set to create new untapped opportunities for market to witness growth. Besides, in this region, since poultry provide incomes and nutritional security, it holds a prominent place in the scheme of government promotions.
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As per a recent study by International Food Policy Research Institute, it is believed that developing nations will be producing 40% additional meat and 60% additional milk by 2020. Base year here was 1990.
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